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Offline CPA Marketing

Has anyone had success in using fliers (leaflets) to advertise CPA offers?

I think that it goes something like this: you sign up to promote a free credit report offer, your flier advertises a local business that requires a credit report such as a car dealer offering cars on repayment plans (loans/hire purchase), but to save the fee for the credit report, you direct your leads to get a free one from your CPA offer (so you can get amazing conversions).

I'm not sure if I got this correct, but anyway, there seems to be some flaws in this business model now such as: FTC clamp down on misleading "free" offers. The offer clearly stating that it is not intending to offer a free service e.g. credit card to be billed later etc.

I believe that it's becoming harder to make easy money like this and to beware of any gurus peddling e-books about this method that may no longer work or be legal.